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Updating Information on Your Credit File
Other Personal Solutions
Depending on the entry requiring updating or amending, please refer to the information below. If you are required to advise Veda Advantage of the update or amendment required, it must be in writing. Please forward details to:
Veda Advantage - Investigations
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Mailing Address: |
PO Box 964, North Sydney, NSW 2059 |
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Fax: |
02 9278 7333 |
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Email: |
Personal Details
If your Personal Details are not accurate please advise us by completing the Update Details Form and forward along with any supporting documentation to Veda Advantage. If further verification of the supporting documentation is not required, we will amend the entry within 5 working days and forward you a copy of your amended credit file. If verification is required, please allow us 30 days to respond to you. Please note that your address history on your credit file is not a chronological list of addresses you have lived at. Addresses and your Employers name are added to your credit file by a credit provider in conjunction with a credit application you have made with them. Veda Advantage does not add addresses or current employer to credit information files.
Court Judgement or Writs & Summons information
If Court Judgement or Writs & Summons information is not up to date on your credit file, please advise us by completing the Update Details Form and forward along with evidence of payment so we can update the entry to reflect "paid in full" or "settled". If a writ or summons was defended, we will remove the entry from the file if we are provided with a copy of the notice stamped by the court. If a court judgement has been set aside, struck out, discontinued or dismissed and we receive documented proof of such, also stamped by the court, we will remove the judgement from the credit file. If further verification of the supporting documentation is not required, we will amend the entry within 5 working days and forward you a copy of your amended credit file. If verification is required, please allow us 30 days to respond to you
Bankruptcy Act Information
If Bankruptcy Act Information is not up to date on your credit file, please advise us by completing the Update Details Form and forward along with supporting documentation. If further verification of the supporting documentation is not required, we will amend the entry within 5 working days and forward you a copy of your amended credit file. If verification is required, please allow us 30 days to respond to you.
Overdue Accounts
If an Overdue Account on your credit file has been paid but has not been updated to reflect it is finalised, then contact the credit provider listed and ask them to contact Veda Advantage to update their entry. Your credit file will be updated within five days of the credit provider notifying us that the account is finalised. If you are unable to make contact with the credit provider, please advise us by completing the Update Details Form and forward along with evidence of payment so we can update the entry. We will verify the information with the credit provider and advise you of the outcome within 30 days along with providing you with a copy of the amended file. Even when an overdue account has been brought up to date, paid in full or settled, it will remain on file. However, its status is updated to current, settled or paid. The fact that an account has become overdue and has since been paid becomes part of your credit history.
Credit Application or Credit Enquiry
If a Credit Application or Credit Enquiry on your credit file is inaccurate, please contact the credit provider listed and ask them to contact Veda Advantage to amend their entry. Your credit file will be updated within five days of the credit provider notifying us of the amendment required.
Directorships or Proprietorships
If public record information such as Directorships or Proprietorships is not up to date please advise us by completing the Update Details Form and forward to Veda Advantage. We will verify the information with the source and advise you of the outcome within 30 days along with providing you with a copy of the amended file.
How long does it take for information on my file to be updated?
The amount of time taken to update information on your credit file can vary.
If a credit provider is updating an entry they have placed on your credit file, the maximum delay will be five working days from the time they notify Veda Advantage of the required update. Depending on the method used by the credit provider, the update may be completed much more quickly.
If you need Veda Advantage to update an entry for you, we will need you to notify us in writing. It is a good idea to also provide us with any documentation that may assist us eg proof of payment.
Once we receive your written request, our Public Access team will verify the information you have provided to us and then update your credit file accordingly.
Legislation allows us 30 days in which to complete this process; however most times a response is issued much earlier.
How long is the information held on my credit file?
- Credit applications and enquiries and overdue accounts are held on your file for five years
- Overdue accounts listed as a payment default are held for five years
- Overdue accounts listed as a Clearout are held for seven years
- Bankruptcy Act Information is held on your file for seven years (prior to January 1998, Bankruptcy Act Information was held for five years)
- Court Judgments are held for five years
- Writs & Summons are held for four years
- Identity information, which includes name, date of birth, sex, drivers license, address history, and linked names (if any) are held for the life of the credit file. This information is used to distinguish the credit file from others held in the database
- Purge dates are calculated on the date the information was added to the file, and are based on the time limits provided in the Privacy Act 1988
- Files are scanned each month and out of date information is automatically purged to ensure the files are accurate.
NB: Even when an overdue account or clearout has been brought up to date or paid in full, it will not be removed from your file.
All payment default listings remain on file for five years from the date of listing. All clearout listings remain on file for seven years. The fact that an account has become overdue, and then been paid becomes part of your credit history.
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